JPMorgan Chase has applied for approval to take control of its futures joint venture in China, in a move that comes as global investment banks dip their toes into newly opened areas of the country’s financial markets.

The Wall Street bank currently holds a 49 per cent stake in Guangdong-based JPMorgan Futures. It has now submitted an application to the China Securities Regulatory Commission to take a majority stake in that business, according to people familiar with the matter.

Foreign banks have spent more than 15 years slowly pushing into China’s financial markets, mainly through joint ventures with local securities firms. The futures market is one area that is expected to open up to full foreign ownership in 2020, along with securities brokers, asset managers and mutual funds.